Adani Ports & SEZ to pre-pay USD 195 near term debt  


Biznextindia : Billionaire Gautam Adani-led Adani Ports and Special Economic Zone Ltd.(APSEZ) will buy back as much as $195 million of its 2024 bond.

The company has launched the cash tender offer to buy outstanding 3.37 percent senior notes due 2024. This is the port operator’s second tranche of the bond-purchase program after it settled notes worth $130 million in May.

In May 2023, the Company had purchased for cash US$130,000,000 in aggregate principal amount of the Notes and had indicated that it would purchase for cash approximately 20% of the principal amount of the Notes issued, in each of the next four quarters. In this second tranche, the Company is purchasing for cash up to US$195,000,000 in aggregate principal amount of the Notes which represents 30% of the principal amount of the Notes issued.

The Company reiterates its intention that, subject to market conditions and its liquidity position, it will continue purchasing for cash the Outstanding Notes over the next three quarters in line with its announcement in May 2023. The Company may choose to either accelerate or defer this plan subject to market conditions, and further subject to the terms, including the pricing, to be separately announced for each of such tranches. The Company intends to fund the Notes accepted for purchase in the Tender Offer from its cash reserves.


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